New research from The Pew Charitable Trusts reports that women are more likely to take a payday loan than men. The organization’s research also finds that African Americans are more likely to take out a payday loan, and those who earn less than $40,000 per year are the prime customers for this sort of financial service.
“The loans are a highly controversial form of credit, as borrowers find fast relief but often struggle for months to repay obligations marketed as lasting only weeks, the report states,” says Black Enterprise.
We’ve reported a few times on payday loans over the past few weeks. As this article points out, some people need this lifeline in tough times. However, others argue that the fees make them a poor option, even in the toughest of times.
For more on theses latest stats, visit BlackEnterprise.com.